According to news on August 25, before, users who wanted to withdraw cash by credit card often had to go to an ATM machine or bank counter. Now, users can complete this operation online. According to a report from the Shanghai Securities News today, WeChat and Alipay have recently cooperated with some banks to launch the "Credit Card Cash Withdrawal" function, which is currently open to users for testing on a small scale.

On the invited user's Alipay, users can experience the credit card cash withdrawal function by clicking "My" - "Borrow" - "More Limits" or directly searching for "Credit Card Cash Withdrawal". Judging from the information displayed on the relevant Alipay page, Alipay currently only supports three institutions: Bank of Ningbo, China Everbright Bank and Ping An Bank. At the same time, Hua Xia Bank, Shanghai Pudong Development Bank, CITIC Bank and other institutions also appear in the list, but the page prompts " The service is not yet open, please stay tuned."

At present, Alipay provides two services: "single monthly repayment" and "monthly repayment". A Ping An Bank credit card user with a credit limit of 90,000 yuan found in actual operation that "single monthly repayment" has the highest The cash withdrawal limit is 35,000 yuan, and the annualized interest rate is 18.25%. The maximum cash withdrawal limit for "monthly repayment" is 94,600 yuan, and the annualized interest rate is 17.91%. Alipay's relevant agreement shows that the cash withdrawal limit for "single monthly repayment" will be included in the minimum repayment amount of the current credit card bill, while "monthly repayment" means repayment in installments according to the agreed repayment cycle and amount.

In WeChat, invited users can experience the credit card cash withdrawal function through the credit card repayment page and bank official account. In the actual test, after users agree to the relevant agreement and add their own collection savings account, they can apply for cash withdrawal.

Currently, the credit card cash withdrawal functions of WeChat and Alipay are exempt from handling fees. Compared with the current 1%-2.5% handling fee of banks, withdrawing cash from WeChat and Alipay is more favorable. In addition, the funds withdrawn from the credit card can only be withdrawn to the personal bank card, which means that the bank will control the use of the withdrawn funds, which are limited to daily consumption and are prohibited from flowing to investment in the stock market, property market and other fields.

The bank’s credit card business has found a new traffic entrance through cooperation with WeChat and Alipay. Coupled with the exemption of cash withdrawal fees, it is expected to increase the number and activity of bank credit card users in the future.